Matthew McConaughey has a new excuse to never put on a shirt as he is slated to join a cast of Channing Tatum, Alex Pettyfer and Matt Bomer in an upcoming movie about male strippers entitled 'Magic Mike.'

Tatum stars as 'Magic Mike,' a male dancer who poses as a mentor, showing the young Pettyfer the ropes at a strip club. Variety announced McConaughey will play the owner of Xquisite, the strip club where the men work along with Matt Bomer.

The film, loosely based on Tatum's life pre-stardom when he was a stripper at age 19, is set to be directed by Steven Soderbergh.

"When Channing talked to me about this, I thought it was one of the best ideas I'd ever heard for a movie," said Soderbergh in a statement to Entertainment Weekly. "We're using 'Saturday Night Fever' as our model, so hopefully we're on the right track."

Tatum plans to use his experience of being a stripper in Tampa to channel the role of Magic Mike. Tatum famously admitted to his former job on the Ellen DeGeneres show last year before giving DeGeneres a lap dance.

"Look, I'm not proud of it," said Tatum to Ellen. "But I'm not ashamed of it."

'Magic Mike' is set for a 2012 release date.

Channing Tatum stars as Marcus Flavius Aquila who arrives in Scotland from Rome to solve the mystery of the unexplained disappearance of the entire Ninth Legion in 140 AD. Joined by his British slave Esca, Marcus sets out to restore the reputation of his father who was the commander of the Ninth. The film is rated PG-13. Reuters

Cast member Matthew McConaughey looks at his partner Camila Alves (not pictured) as she poses at the world premiere of "Bernie" during the opening night of the Los Angeles Film Festival at the Regal Cinemas in Los Angeles June 16, 2011. Reuters